Seeing the RED numbers, my old Turtle heart also cannot take it, you all see yourself lah ......
Lastly, happy wife, happy Turtle!
1) 2 x Huawei P30 Pro
Bought these pre-loved / used phones (slightly less than 10 months old with 14 months of warranty left from Huawei) from Carousell sellers for myself and my Turtle wife to replace our Huawei Nova 3I phone that we bought in 2018.
Nova 3i (a low budget mid-tier model of Huawei) is a very reliable phone and had served us well for the past 1.5 to 2 years.
Reason why we choose a higher spec model of P30 Pro is due to the higher definition of their in-built camera for our upcoming trips to Melbourne, Thailand and Malaysia (road trips) that we had lined up for this year before my elder child goes to primary one in 2021 whereby our vacation could only be planned in the respective June and December school holidays (much much more expensive in terms of flight and hotels).
I always like to ask myself if I had overpay for these "wants"? Lazada is currently selling the same model brand new phone for $1,098 with 2 years warranty from Huawei.
Technically I "saved" (2 x $1,098) - (2 x $665) = $866 by buying these preloved phones.
These are depreciating "assets", I will always source for the best deals available for these "wants", with carousell and other online platforms, information are much more efficient than before.
Lastly, happy wife, happy Turtle!
Net Cash Outflow: $1,330 (or average price of $665 each)
2) Upgraded my older car to an old car - $5,209
Sold 13 years old Nissan Latio - 35,638
Bought 10 years old Honda Stream - 40,847
For those interested in how much I had "saved", you can refer to my separate post.
I wanted more space for my growing family as kids are growing bigger and taller and most importantly, it "save" time and create convenience for my family.
As much as possible, I will not want to spend too much on a brand new car as the annual depreciation is at least 30% to 40% higher as compared to a used car.
Net cash outflow: $5,209
3) CPF Activities
I did my usual CPF cash top ups for Medisave and Special accounts in January to ensure I get the tax relief for this year's chargeable income and get the maximum CPF interest rate that starts accumulating from Jan/Feb onward.
Why top up in January?https://www.moneysense.gov.sg/articles/2018/10/smarthack-your-cpf
- VC to Medisave Account: $2,800 (To reach the BHS $60,000 for 2020)
- RSTU to Special Account: $7,000
I will write a separate post of my CPF top ups with my meaningful content to share with the Turtle readers.
Net cash outflow: $9,800
4) Final Installment For MBA (Master of Business Administration) program
Paid off the 2nd and final installment of the MBA program. This expenses should had been paid off in 2019 but I told them I wanted to pay in installments and the school agreed.
Why not if I could hold more cash on hand to generate more interest income.
This is really for self improvement which may or may not increase my salary in the future.
I wanted to do the MBA since 30 years old and this had came 6 years late (took up the MBA in 2019 when I was 36 years old) due to family commitments taking care of elderly parents and 2 very young baby turtles for the past 6 years.
The company that I currently work for is willing to provide a partial sponsorship for this MBA program which comes up to between $7,000 to $14,000 depending on the length of the program. No reason stopping me now since the kids are slightly older now and my mum is currently healthy and independent (dad had passed a couple of years back).
If everything goes smooth, I should be able to graduate from the part time MBA program in 2021. Guanyinma pls bless Old turtle.
Net cash outflow: $10,137.18
Conclusion
Very exciting month in terms of cash outflow :( .....
Not all cash outflows were considered as expenditure for example CPF activities, basically it is a movement from liquid cash to non liquid CPF accounts for retirement planning and tax savings.
But still these are considerable amount of cash outflows so I am happy I planned for these in 2019 and now I am simply executing them per my plan.
- Personal cashflow planning is as important as corporate cashflows planning / budgeting so do plan in advance.
- If you have to spend, please find the most value product available in the market to maximize savings instead of just buying without doing any due diligence and research.
Total Cash Outflow: $26,476.18
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